Atlas Park--a troubled lifestyle center in Queens--was snapped up for $53.7 million in a foreclosure auction. The winning entity was WMAP LLC and it has now been revealed that the entity includes regional mall REIT Macerich as well as Walton Street Capital.
Macerich, which owns the Queens Center mall, will be in an interesting position to try and revive the property, which opened a few years ago, but never has performed that well. Macerich will now be able to offer an interesting proposition to retailers through its ownership of two of the most high-profile properties in the borough. It also cements the fact that Macerich, once solely a West Coast firm, is building a high profile on the East Coast.